Item Number: ___11a_attach 1
Meeting Date:
August 12, 2025

PORT OF SEATTLE

Q2 2025 FINANCIAL PERFORMANCE REPORT

AS OF JUNE 30, 2025

Q2 2025 FINANCIAL & PERFORMANCE REPORT 06/30/25

TABLE OF CONTENTS
PAGE
I.

Portwide Performance Report

3-7

II.

Aviation Division Report

8-14

III.

Maritime Division Report

15-19

IV.

Economic Development Division Report

20-20

V.

Central Services Division Report

21-25

2

I.

PORTWIDE FINANCIAL & PERFORMANCE REPORT 06/30/25

I.

PORTWIDE

EXECUTIVE SUMMARY
Airport passenger volume for the first half of the year was 1.6% higher than the same period in 2024. Passenger
growth for 2025 is expected to be 0.9% higher compared to 2024 actual. Approximately 53.1M passengers are
expected at Seattle-Tacoma International Airport (SEA) in 2025. Non-Aeronautical revenues are anticipated to
be below budget by $4.7M or 1.3% mainly due to lower revenues in Public Parking and Airport Dining & Retail.
Aeronautical revenues (based on cost recovery formulas) are expected to be $6.7M or 1.2% higher than budget
mainly due to TSA Exit Lane staffing contract and higher payroll.
The 2025 cruise season will run from April through October with a projected 298 sailings and 1.9 million
revenue passengers. For the first half of the year, Grain, Fishing, Commercial, and Recreational Marinas, Cruise
revenues exceeded budget while Real Estate Portfolio Management revenues were down due to
environmental cost credit and lower volumes at Conference and Event Centers
Total operating revenues were $1.2M or 0.2% above budget while total operating expenses were $12.8M or
3.8% lower than budget in the first half of 2025. Net operating income before depreciation was $14.0M or 7.1%
above budget.
For the full year, we are projecting operating revenues to be $893K above budget mainly due to Aeronautical
revenues, partially offset by lower revenues from Airport Non-Aero, Real Estate Portfolio Management and
Conference & Event Centers. Operating expenses are expected to be $11.2M above budget due to higher
Payroll and Outside Services. The net operating income before depreciation is expected to be $10.4M below
budget.
PORTWIDE FINANCIAL SUMMARY

2025 YTD Actuals vs. 2025 YTD Budget:
 Total Operating Revenues: $1.2M higher than budget
 Total Operating Expenses: $12.8M below budget mainly due to delay in Outside Services spending, less
Equipment purchases, and Travel & Othe Employee expenses; partially offset by higher Payroll.
 NOI before Depreciation: $14.0M above budget
2025 YTD Actuals vs. 2024 YTD Actuals:
 Total Operating Revenues were $39.2M higher compared to 2024 mainly due to higher revenues in all lines
of businesses, except Central Harbor Management and Public Parking
 Total Operating Expenses were $32.1M higher compared to 2024 due to higher expenses in Payroll, Third
Party Management, and Utilities

3

I.

PORTWIDE FINANCIAL & PERFORMANCE REPORT 06/30/25

MAJOR OPERATING REVENUES SUMMARY
2023 YTD

2024 YTD 2025 YTD

2025 YTD

Actual vs. Budget
Variance
$
%
(1,303)
-0.5%

Change from 2024
Incr (Decr)
$
%
21,314
8.4%

$ in 000's
Aeronautical Revenues

Actual
240,218

Actual
252,437

Actual
273,752

Budget
275,055

Public Parking
Rental Cars - Operations
Rental Cars - Operating CFC
ADR & Terminal Leased Space
Ground Transportation
Employee Parking
Airport Commercial Properties
International Place
Clubs and Lounges
Airport Utilities
Cruise
Recreational Boating
Fishing & Operations
Grain
Maritime Portfolio Management
Central Harbor Management
Conference & Event Centers
NWSA Distributable Revenue
Other
Total Operating Revenues (w/o Aero)

52,391
18,021
5,495
31,985
11,750
5,460
9,618
5,436
4,194
15,437
7,751
5,481
1,964
5,205
4,960
3,377
28,949
4,329
221,802

59,047
16,759
6,916
36,364
11,853
5,223
9,930
6,753
4,513
19,027
8,321
5,523
3,079
6,136
5,126
3,687
29,664
3,545
241,467

58,728
18,448
8,145
37,172
11,784
6,272
10,985
4,891
8,859
5,287
19,994
9,130
6,159
3,643
6,603
4,505
3,867
32,221
2,653
259,347

60,903
18,363
7,197
37,897
12,419
6,905
13,721
7,709
5,419
19,732
9,099
5,747
2,687
7,193
4,823
4,056
29,166
3,766
256,804

(2,175)
85
949
(725)
(636)
(633)
(2,736)
4,891
1,150
(132)
262
30
412
957
(591)
(319)
(190)
3,055
(1,113)
2,543

-3.6%
0.5%
13.2%
-1.9%
-5.1%
-9.2%
-19.9%
0.0%
14.9%
-2.4%
1.3%
0.3%
7.2%
35.6%
-8.2%
-6.6%
-4.7%
10.5%
-29.6%
1.0%

(319)
1,689
1,230
808
(69)
1,049
1,055
4,891
2,106
774
967
808
637
564
467
(621)
179
2,557
(892)
17,880

-0.5%
10.1%
17.8%
2.2%
-0.6%
20.1%
10.6%
0.0%
31.2%
17.2%
5.1%
9.7%
11.5%
18.3%
7.6%
-12.1%
4.9%
8.6%
-25.2%
7.4%

TOTAL

462,020

493,904

533,099

531,858

1,240

0.2%

39,195

7.9%

2023 YTD

2024 YTD 2025 YTD

2025 YTD

Actual
90,131
79,333
15,420
57,221
15,541
5,508
5,617
2,208
5,485
2,895
14,940
(29,947)
264,352

Actual
103,497
88,341
18,260
63,807
17,162
4,852
5,686
2,827
6,110
3,027
13,261
(37,726)
289,103

Actual vs. Budget
Variance
$
%
(4,295)
-3.8%
(6,765)
-7.3%
5,457
22.9%
25,222
28.2%
827
4.3%
3,371
43.6%
(1,015)
-19.5%
1,986
38.8%
(804)
-9.1%
495
14.5%
(2,871)
-25.5%
(8,790)
19.0%
12,818
3.8%

MAJOR OPERATING EXPENSES SUMMARY

$ in 000's
Salaries & Benefits
Wages & Benefits
Payroll to Capital Projects
Outside Services
Utilities
Equipment Expense
Supplies & Stock
Travel & Other Employee Expenses
Third Party Mgmt Op Exp
B&O Taxes
Other Expenses
Charges to Capital Projects/Overhead Alloc
TOTAL

Actual
118,613
98,903
18,373
64,213
18,235
4,367
6,204
3,129
9,669
2,924
14,149
(37,576)
321,204

4

Budget
114,318
92,138
23,830
89,435
19,062
7,738
5,190
5,115
8,865
3,420
11,277
(46,366)
334,022

Change from 2024
Incr (Decr)
$
%
15,116
14.6%
10,562
12.0%
113
0.6%
406
0.6%
1,073
6.3%
(485)
-10.0%
518
9.1%
302
10.7%
3,559
58.3%
(102)
-3.4%
888
6.7%
151
-0.4%
32,101
11.1%

I.

PORTWIDE FINANCIAL & PERFORMANCE REPORT 06/30/25

PORTWIDE FINANCIAL YEAR-END FORECAST SUMMARY

$ in 000's
Aeronautical Revenues
Airport Non-Aero Revenues
Seaport Revenues
Total Operating Revenues
Total Operating Expenses
NOI before Depreciation
Depreciation
NOI after Depreciation

2023

2024

2025

2025

Actual
479,697
326,592
162,991
969,281
550,899
418,382
256,740
161,642

Actual
520,942
348,212
174,395
1,043,549
652,642
390,907
277,917
112,990

Forecast
570,570
367,618
182,298
1,120,486
689,531
430,955
267,028
163,927

Budget
563,836
372,280
183,476
1,119,593
678,288
441,305
267,028
174,277

Fcst vs. Budget
Variance
$
%
6,734
1.2%
(4,662)
-1.3%
(1,179)
-0.6%
893
0.1%
(11,243)
-1.7%
(10,350)
-2.3%
0.0%
(10,350)
-5.9%

Change from 2024
Incr (Decr)
$
%
49,629
9.5%
19,406
5.6%
7,903
4.5%
76,937
7.4%
36,890
5.7%
40,048
10.2%
(10,889)
-3.9%
50,937
45.1%

Year-End Forecast
 Total Operating Revenues are expected to be $893K above budget due to higher Aero Revenue; partially
offset by lower Airport Non-Aero Revenues and Seaport RE Portfolio Management.
 Total Operating expenses are expected to be $11.2M above budget mainly due to higher Payroll and
Outside Services.
 Net Operating Income before Depreciation is forecasted to be $10.4M below budget.
KEY PERFORMANCE METRICS

Total Passengers (in 000's)
Landed Weight (lbs. in millions)
Passenger CPE (in $)
Grain Volume (metric tons in 000's)
Cruise Passenger (in 000's)
Shilshole Bay Marina Occupancy

2024
YTD
Actual
24,497
15,519
N/A
2,380
682
98.0%

2025
YTD
Actual
24,884
15,885
N/A
2,952
747
97.8%

2024

2025

Actual
Forecast
52,641
53,122
32,806
33,138
18.14
19.85
4,418
3,540
1,752
1,924
98.1%
97.7%

5

2025

Fav (UnFav)
Forecast vs. Budget

Budget
53,474
32,916
19.43
3,540
1,924
97.7%

Chg.
(352)
222
0.4
0.0%

%
-0.7%
0.7%
2.2%
0.0%
0.0%
0.0%

Incr (Decr)
2025 Forecat vs.
2024 Acutal
Chg.
%
481
0.9%
332
1.0%
1.7
9.4%
(878)
-19.9%
172
9.8%
-0.4%
-0.4%

I.

PORTWIDE FINANCIAL & PERFORMANCE REPORT 06/30/25

KEY BUSINESS EVENTS
The Port Commission approved $1.9 million to support economic development partnerships with cities in King
County for the next two years. This program provides matching grants based on a per capita formula for cities
selected. The grants range from $10,000 to $60,000, and the cities must provide at least a 50% match. This
funding will drive tourism and help support aviation, maritime, construction trades, and green jobs. This
program provided $804,052 to 27 cities across King County in 2024. Including city matches, over $1.44 million
was invested in economic development projects which included business assistance, tourism efforts, and buy
local or placemaking campaigns.
The 2025 cruise season officially kicked off on April 12th with the arrival of the Norwegian Bliss. This year, all
three of the Port's cruise berths are equipped with shore power making Seattle the only home port that has all
its cruise berths shore power-enabled and can have three ships plugged into shore power simultaneously. The
2025 season runs from April to October with 298 sailings and a projected 1.9 million revenue passengers.
Cruise sailing brings in nearly $900 million in economic impact including tourism, provisioning, and jobs
supported by cruise.
In collaboration with The Northwest Seaport Alliance (NWSA) and Seattle City Light (SCL), the Port released the
Seattle Waterfront Clean Energy Strategy. The strategy provides technical, policy, and planning
recommendations for how the Port and its partners should plan and build the infrastructure needed to support
a zero-emission maritime transition by 2050. A total of $208M to $457 million (2024 dollars) in Port and utility
investments have been identified through 2050. This includes an estimated $69M to $168 million in utility
distribution system infrastructure costs and an estimated $139M to $288 million in Port on-site transformers,
switchgear, and substation equipment costs. The Port will engage the public in the overall strategy and
building of these projects into capital plans.
The Port released the 2024 Environment and Sustainability Report highlighting several notable firsts, such as
becoming the first port to require power connections for cruise ships and removing per- and polyfluoroalkyl
substances (PFAS) foam at Seattle-Tacoma International Airport (SEA). The Port also implemented waste
reduction requirements at SEA, launched a pilot program to improve sound insulation in neighboring
communities, and made considerable progress in the Duwamish River habitat restoration.
The Port announced the Fly Quiet Award winners for 2025: Air Canada, Frontier Airlines, and Air France. The 3
airline partners, which all operate out of SEA, exemplified the Port's environmental goals and desire to be a
good neighbor to communities. Air Canada and Frontier Airlines received the best overall scores for operations,
while Air France earned recognition for showing the most significant improvements. In 2002, the Port
instituted The Fly Quiet Program as part of the Part 150 Study at SEA and the Fly Quiet Awards was added in
2005 to increase airline and pilot awareness of aircraft noise impacts on local communities.
SEA celebrated Alaska Airlines' first intercontinental flight to Tokyo. The daily connection, operated by
Hawaiian Airlines, kicks off a new era of international wide-body flights for Alaska, with 12 destinations out of
SEA planned to begin by 2030. Alaska Airlines also announced a new nonstop service to Italy starting next year.
Additionally, SEA celebrated the return of Scandinavian Airlines (SAS) with the inaugural flight to Copenhagen,
Denmark. For decades, SAS served SEA and the Pacific Northwest, starting in the 1960s. SAS' new route to
Denmark is offered 5 times a week. Moreover, Edelweiss Air service added a new route from SEA to Zurich
which is offered twice a week. With this new addition, SEA now offers 58 service options (on 30 different
airlines) to 36 international destinations.
SEA added Checkpoint 1 located at the former site of Bag Claim 1. This new checkpoint adds five security lanes
with spacious queueing, glass display cases with public art, and a choice for convenient gate access. The new
Checkpoint 1 is part of the Upgrade SEA project, which includes $5 billion in capital investment over the next
five years.
6

I.

PORTWIDE FINANCIAL & PERFORMANCE REPORT 06/30/25

CAPITAL SPENDING SUMMARY

$ in 000's

2025
YTD Actual

Aviation

385,931

806,938

816,331

1,036,989

9,393

1.2%

Maritime

47,458

103,014

89,827

131,699

(13,187)

-14.7%

Central Services & Other (note 1)

5,719

15,931

21,488

34,591

5,557

25.9%

439,108

925,883

927,646

1,203,279

1,763

0.2%

TOTAL

2025
Forecast

2025
Budget

2025
Plan of Finance

Budget Variance
$
%

Note:
(1) "Other" includes 100% Port legacy projects in the North Harbor and Storm Water Utility Small Capital
projects.
Total capital spending is projected to be $927.6M, 99.8% of the budget for the year.
PORTWIDE INVESTMENT PORTFOLIO
During the second quarter of 2025, the investment portfolio earned 3.56% versus the benchmark's (the Bank of
America Merrill Lynch 1-3 Year US Treasury & Agency Index) of 3.79%. Over the last twelve months, the
portfolio and the benchmark have earned 3.74% and 3.92%, respectively. Since the Port became its own
Treasurer in 2002, the life-to-date earnings of the Port's portfolio and the benchmark are 2.44% and 2.04%,
respectively.

7

II.

AVIATION DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25

FINANCIAL SUMMARY

Financial Summary

Forecast vs. Budget
Variance

Incr/(Decr)
Change from 2024

2023

2024

2025

2025

Actual

Actual

Forecast

Budget

$

%

Aeronautical Revenues
Non-Aeronautical Revenues
Total Operating Revenues

479,697
326,592
806,289

520,942
348,212
869,154

570,570
367,618
938,189

563,836
372,280
936,117

6,734
(4,662)
2,072

1.2%
-1.3%
0.2%

49,629
19,406
69,035

9.5%
5.6%
7.9%

Total Operating Expenses w/o Pension True-Up

469,263

548,405

562,068

553,222

-1.6%

360,598

339,326

376,121

382,895

-1.8%

13,663
36,794

2.5%

Net Operating Income

(8,846)
(6,774)

10.8%

CPE
Non-Aero NOI ($ in 000s)
Enplaned passengers (in 000s)

17.52
181,377
25,371

18.26
175,946
26,295

19.85
173,794
26,472

19.43
183,023
26,737

(0.42)
(9,229)
(265)

-2.2%
-5.0%
-1.0%

1.59
(2,152)
177-

8.7%
-1.2%
0.7%

Capital Expenditures (in 000s)

444,072

684,442

806,938

816,331

9,393

1.2%

122,496

17.9%

($ in 000's)

$

%

Operating Revenue

2025 Forecast vs. 2025 Budget








Total Operating Revenues are forecasted at $938.2M, slightly above budget by $2.1M (0.2%) primarily due
to higher Aeronautical expenses.
o Aeronautical Revenues are above budget by $6.7M (-1.2%), driven by higher expenses. This
includes $3.5M for TSA Exit Lane staffing contract, increased payroll costs due to the compensation
project and wages and benefits increases, and higher costs from Central Services.
o Non-Aeronautical Revenues are below budget by ($4.7M) (-1.3%) due to flat Parking revenue
projected for 2025 following several years of strong growth. Additionally, Airport Dining & Retail
revenue is growing slower than expected due to lower enplanements and the delayed opening of
two tenants. The Employee Parking expansion program is progressing slower than planned. These
shortfalls are partially offset by strong performance in Flight Kitchens, Rental Cars, and Port-owned
Clubs. The International Place property (STOC) acquisition, which closed on February 28, also
contributed positively by providing one additional month of revenue not anticipated in the
budget.
Total Operating Expenses are forecasted higher than budget by $8.8M (-1.6%), primarily due to increased
payroll costs, the TSA Exit Lane staffing contract, and higher costs from Central Services due to higher
outside services and payroll costs in several departments.
As a result, Net Operating Income is lower than budget by $6.8M (-1.8%).
Cost per Enplanement (CPE) is 2.2% higher than budget at $19.85.
Non-Aero NOI is 5% below budget due to higher expenses and lower revenues.
Capital Expenditures are forecasted at $807M, 1.2% below budget.

8

II.

AVIATION DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25

A. BUSINESS EVENTS
 Passenger levels are 1.6% higher than YTD Q2 2024 at 24,884,468
 Scandinavian Airlines (SAS) service to Copenhagen, Denmark
 Edelweiss Air service to Zurich
 Implemented Signatory Lease & Operating Agreement (SLOA) V
B. KEY PERFORMANCE METRICS
YTD
2023

YTD
2024

YTD
2025

% Change
from 2024

Total Passengers (000's)
Domestic
International
Total

21,046
2,694
23,740

21,470
3,027
24,497

21,504
3,380
24,884

0.2%
11.7%
1.6%

Operations

199,644

205,871

209,440

1.7%

Landed Weight (In Millions of lbs.)
Cargo
All other
Total

1,321
13,784
15,105

1,395
14,124
15,519

1,240
14,644
15,885

-11.1%
3.7%
2.4%

Cargo - Metric Tons
Domestic freight
International & Mail freight
Total

147,135
52,589
199,724

174,322
51,727
226,049

146,307
59,402
205,709

-16.1%
14.8%
-9.0%

Key Performance Measures

Key Performance Metrics
Cost per Enplanement (CPE)
Non-Aeronautical NOI (in 000's)

2023

2024

2025

2025

Actual

Actual

Forecast

Budget

Forecast vs.
Budget
Variance

Incr/(Decr)
Change from 2024

$

%

$

%

17.52
181,377

18.26
175,946

19.85
173,794

19.43
183,023

(0.42)
(9,229)

-2.2%
-5.0%

1.59
(2,152)

8.7%
-1.2%

Other Performance Metrics
O&M Cost per Enplanement
Non-Aero Revenue per Enplanement
Debt per Enplanement (in $)
Debt Service Coverage
Days cash on hand (18 months = 545 days)

18.60
12.87
166
2.02
507

20.88
13.26
157
1.89
512

21.23
13.89
153
1.82
545

20.69
13.92
154
1.84
517

(0.54)
(0.04)
0
(0.02)
28

-2.6%
-0.3%
0.3%
-1.1%
5.4%

0.35
0.63
(4)
(0.07)
33

1.7%
4.7%
-2.6%
-3.7%
6.4%

Activity (in 000's)
Enplanements
Total Passengers

25,371
50,885

26,295
52,641

26,472
53,122

26,737
53,474

(265)
(352)

-1.0%
-0.7%

177
481

0.7%
0.9%

Key Performance Metrics - 2025 Forecast vs. 2025 Budget
 Non-Aero NOI is 5% below budget due to higher expenses and lower revenues.
 Non-Aeronautical Revenues are below budget due to flat Parking revenue projected for 2025 following
several years of strong growth. Additionally, Airport Dining & Retail revenue is growing slower than
expected due to lower enplanements and the delayed opening of two tenants. The Employee Parking
expansion program is progressing slower than planned. These shortfalls are partially offset by strong
9

II.



AVIATION DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25
performance in Flight Kitchens, Rental Cars, and Port-owned Clubs. The International Place property (STOC)
acquisition, which closed on February 28, also contributed positively by providing an additional month of
revenue not anticipated in the budget.
Total passenger forecast slightly decreased by -0.7%, with slightly lower costs and non-aero revenues per
enplanement as well.

C. OPERATING RESULTS
Division Summary - YTD Actuals

2025 YTD Actuals vs. 2025 YTD Budget
Total Operating Expenses were $9.2M (3.4%) under budget, primarily driven by the following:







Payroll variance of ($5M):
Salaries & Benefits are up by $375K due to the Compensation Project. Wages & Benefits are higher by
$5.1M due to contractual increases, partially offset by lower charges to capital projects.
Outside Services underspent by $18M:
Driven by lower spending in professional & personal services, onsite consultants, and other contracted
services.
Offsetting overages in Other Expenses of $6.4M:
Mainly due to lower charges to capital
Lower charges from Central Services by $2.3M:
Resulting from reduced spending in outside services, equipment expenses, and travel, partially offset
by higher payroll and other costs.

10

II.

AVIATION DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25
Forecast vs. Budget
Variance

Incr/(Decr)
Change from 2024

Total Airport Expense Summary

2023

2024

2025

2025

($ in 000's)

Actual

Actual

Forecast

Budget

$

Operating Expenses
Payroll
Outside Services
Utilities
Other Expenses
Total Airport Direct Charges

193,130
87,364
23,285
17,655
321,434

223,027
104,086
25,543
21,596
374,253

234,395
117,577
27,010
20,795
399,777

232,074
125,654
26,966
9,772
394,465

(2,321)
-1.0%
8,077
6.4%
(44)
-0.2%
(11,023) -112.8%
(5,312)
-1.3%

11,368
13,491
1,466
(801)
25,524

5.1%
13.0%
5.7%
-3.7%
6.8%

Environmental Remediation Liability
Capital to Expense
Total Exceptions

13,017
480
13,497

2,600
553
3,153

2,399
377
2,776

1,589
1,589

(810)
(377)
(1,187)

-74.7%

-7.7%
-31.8%
-12.0%

Total Airport Expenses

334,931

377,406

402,553

396,054

(6,499)

-1.6%

95,740
33,750
4,840

125,262
39,709
6,028

114,442
38,622
6,450

111,534
38,624
7,009

(2,908)
2
558

-2.6%
0.0%
8.0%

(201)
(176)
(377)
25,147
(10,820)
(1,087)
422

Total Charges from Other Divisions

134,331

170,999

159,514

157,167

(2,347)

-1.5%

-6.7%

Total Operating Expenses w/o Pension True-Up

469,263

548,405

562,068

553,222

(8,846)

-1.6%

(11,485)
13,663

Corporate
Police
Maritime/Economic Development/Other

%

$

-51.0%

%

6.7%
-8.6%
-2.7%
7.0%

2.5%

2025 Forecast vs. 2025 YE Budget
Total Operating Expense is forecasted to be $8.9M (1.6%) higher than Budget primarily due to higher payroll
costs across the Port and TSA Exit Lane Staffing contract.
Aeronautical Business Unit Summary - YTD Actuals

Aeronautical NOI
($ in 000's)

2023 YTD
(Q2)

2024 YTD 2025 YTD 2025 YTD
(Q2)
(Q2)
(Q2)

Actual vs. Budget
Variance

Actual

Actual

Actual

Budget

$

%

66,779
14,321
133,174
17,345
231,618

74,894
13,414
134,447
19,948
242,702

80,564
15,960
140,124
24,042
260,690

80,413
17,177
140,343
24,042
261,975

151
(1,218)
(219)
(0)
(1,286)

0.2%
-7.1%
-0.2%
0.0%
-0.5%

8,600

9,735

13,062

13,079

(17)

-0.1%

Total Aeronautical Revenues

240,218

252,437

273,752

275,055

(1,303)

-0.5%

Total Aeronautical Expenses

151,356

162,767

180,612

184,420

3,807

Aeronautical NOI

88,862

89,670

93,139

90,635

2,504

Rate Base Revenues
Airfield Movement Area
Airfield Apron Area
Terminal Rents
Federal Inspection Services (FIS)
Total Rate Base Revenues
Airfield Commercial Area

Incr/(Decr)
Change from 2024
$
5,670
2,546
5,677
4,095
17,987
3,327

7.6%
19.0%
4.2%
20.5%
7.4%

8.4%

2.1%

21,314
17,845

11.0%

2.8%

3,469

3.9%

Aeronautical - 2025 YTD Actuals vs. 2025 YTD Budget
Aeronautical Net Operating Income was $2.5M (2.8%) higher than budget driven by lower YTD operating
expenses in outside services and YTD charges from other divisions.

11

%

34.2%

II.

AVIATION DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25

Aeronautical Business Unit Summary - YE Forecast

Aeronautical NOI

Forecast vs. Budget
Variance

Incr/(Decr)
Change from 2024

2023

2024

2025

2025

Actual

Actual

Forecast

Budget

$

%

$

%

142,797
26,118
251,892
41,214
462,020

170,821
32,270
279,722
15,206
498,019

168,041
35,931
289,814
49,918
543,704

166,149
35,432
286,307
49,811
537,699

1,892
499
3,507
108
6,005

1.1%
1.4%
1.2%
0.2%
1.1%

(2,781)
3,661
10,092
34,712
45,685

-1.6%
11.3%
3.6%
228.3%
9.2%

Airfield Commercial Area

17,677

22,922

26,866

26,137

729

2.8%

3,944

17.2%

Total Aeronautical Revenues

479,697

520,942

570,570

563,836

6,734

1.2%

49,629

9.5%

Total Aeronautical Expenses

308,162

367,736

378,447

373,174

(5,273)

-1.4%

10,711

2.9%

Aeronautical NOI

171,535

153,205

192,124

190,663

1,461

0.8%

38,918

25.4%

Debt Service
Net Cash Flow

(144,395)
27,140

(157,518)
(4,312)

(178,887)
13,237

(179,527)
11,135

641
2,102

-0.4%
18.9%

(21,369)
17,549

13.6%
-407.0%

($ in 000's)
Rate Base Revenues
Airfield Movement Area
Airfield Apron Area
Terminal Rents
Federal Inspection Services (FIS)
Total Rate Base Revenues

Aeronautical - 2025 Forecast vs. 2025 Budget
Aeronautical Net Operating Income is expected to be $1.5M (0.8%) higher than budget driven by higher
operating expenses due to TSA Exit Lane contract and higher payroll and charges from Central Services.
Airline Rate Base Cost Drivers

Impact on Aero Revenues
$ in 000's
(1)
O&M
Debt Service Before Offsets
Debt Service PFC Offset
Net Debt Service
Amortization
Space Vacancy
Grants and Other
Rate Base Revenues
Commercial area
Total Aero Revenues

Budget vs Forecast
2025
2025
Budget Forecast
$
%
360,905 365,993
5,088
1.4%
236,757 237,699
942
0.4%
(93,230) (93,247)
(17)
0.0%
143,527 144,452
925
0.6%
36,712
36,712
0.0%
(672)
(681)
(9)
1.3%
(2,773)
(2,773)
0.0%
537,699 543,704
6,005
1%
26,137
26,866
729
3%
563,836 570,570
6,734
1%

(1) O&M, Debt Service Gross, and Amortization do not include commercial area
costs or the international incentive expenses
2025 Forecast vs. 2025 Budget
Aeronautical Revenues are above budget by $6.7M (-1.2%), primarily driven by higher expenses passed
through to airlines. This includes $3.5M for TSA Exit Lane staffing contract, increased payroll costs due to the
compensation project and wages and benefits increases, and higher costs from Central Services.

12

II.

AVIATION DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25

Non-Aero Business Unit Summary - YTD Actuals

2023 YTD
(Q2)

2024 YTD
(Q2)

2025 YTD
(Q2)

2025 YTD
(Q2)

Actual

Actual

Actual

Budget

$

%

$

%

Public Parking
Rental Cars
Ground Transportation
Airport Dining & Retail
Other
Total Non-Aeronautical Revenues

52,391
23,516
11,750
27,200
30,589
145,446

59,047
23,675
11,853
32,670
31,238
158,483

58,728
26,594
11,784
33,031
40,622
170,758

60,903
25,560
12,419
34,234
37,752
170,868

(2,175)
1,033
(636)
(1,202)
2,870
(110)

-3.6%
4.0%
-5.1%
-3.5%
7.6%
-0.1%

(319)
2,919
(69)
362
9,383
12,275

-0.5%
12.3%
-0.6%
1.1%
30.0%
7.7%

Total Non-Aeronautical Expenses

41,438

71,861

83,534

88,918

(5,384)

-6.1%

11,673

16.2%

Non-Aeronautical NOI

104,008

86,622

87,224

81,950

5,274

6.4%

603

0.7%

Non-Aeronautical NOI
($ in 000's)

Actual vs. Budget
Variance

Incr/(Decr)
Change from 2024

Non-Aeronautical Revenues

Non-Aeronautical Revenue - 2025 YTD Actuals vs. 2025 YTD Budget


YTD Q2 Non-Aeronautical Revenues are below budget by ($110K) due to lower Parking revenue and
Airport Dining & Retail revenue growing slowly. These shortfalls are partially offset by strong performance
in Flight Kitchens, Rental Cars, and Port-owned Clubs. The International Place property (STOC) acquisition,
which closed on February 28, also contributed positively by providing one additional month of revenue not
anticipated in the budget.

Non-Aero Business Unit Summary - YE Forecast

2023

2024

2025

2025

Forecast vs.
Budget
Variance

Actual

Actual

Forecast

Budget

$

%

$

Public Parking
Rental Cars
Ground Transportation
Airport Dining & Retail
Other
Total Non-Aeronautical Revenues

110,990
63,460
24,878
65,952
61,312
326,592

116,626
66,271
23,946
73,703
67,666
348,212

116,057
67,795
24,705
73,230
85,832
367,618

119,634
67,197
25,901
76,630
82,919
372,280

(3,577)
598
(1,196)
(3,401)
2,913
(4,662)

-3.0%
0.9%
-4.6%
-4.4%
3.5%
-1.3%

(569)
1,524
759
(474)
18,166
19,406

-0.5%
2.3%
3.2%
-0.6%
26.8%
5.6%

Total Non-Aeronautical Expenses

137,529

162,092

183,341

180,048

3,293

1.8%

21,249

13.1%

Non-Aeronautical NOI1
Less: CFC Surplus
Adjusted Non-Aeronautical NOI

189,063
(7,686)
181,377

186,121
(10,174)
175,946

184,277
(10,483)
173,794

192,232
(9,210)
183,023

(7,955) -4.1%
(1,274) 13.8%
(9,229) -5.0%

(1,843)
(309)
(2,152)

-1.0%
3.0%
-1.2%

Debt Service
Net Cash Flow

(27,096)
154,281

(43,887)
132,059

(34,511)
139,283

(34,633)
148,389

123
(9,106)

9,377
7,224

-21.4%
5.5%

Non-Aeronautical NOI
($ in 000's)

Incr/(Decr)
Change from 2024
%

Non-Aeronautical Revenues

(1) Includes Federal Relief for Concessions

13

-0.4%
-6.1%

II.

AVIATION DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25

Non-Aeronautical Revenue - 2025 Forecast vs. 2025 Budget
 Non-Aeronautical Revenues forecast is below budget by ($4.7M) (-1.3%) due to flat Parking revenue
projected for 2025 following several years of strong growth. Additionally, Airport Dining & Retail revenue is
growing slower than expected due to lower enplanements and the delayed opening of two tenants. The
Employee Parking expansion program is progressing slower than planned. These shortfalls are partially
offset by strong performance in Flight Kitchens, Rental Cars, and Port-owned Clubs. The International Place
property (STOC) acquisition, which closed on February 28, also contributed positively by providing one
additional month of revenue not anticipated in the budget.
 Non-Aero Expenses are forecasted to be higher by $3.3M, with NOI lower than budget by (-5.0%) or
($9.2M).
D. CAPITAL RESULTS

$ in 000's
C Concourse Expansion (1)
SEA Gateway

(2)

Post IAF Airline Realignment

(3)

MT Low Voltage Sys Upgrade
S Concourse Evolution

(5)

2021-25 AFLD Pavement

2025
Year-End
Forecast
129,189

74,751

150,483

22,260
7,927

2025
Budget

2025
POF

Bud vs. Fcst
$

%

141,052

142,789

11,863

8.4%

160,484

156,409

10,002

6.2%

48,316

38,693

45,075

(9,623) -24.9%

16,724

23,746

26,600

7,022

29.6%

11,646

39,529

45,729

114,775

6,200

13.6%

(6)

7,007

32,299

37,083

45,430

4,784

12.9%

(7)

331

779

4,089

6,725

3,310

80.9%

7,886

9,636

12,925

10,195

3,289

25.4%

3,120

9,994

12,457

15,899

2,463

19.8%

Building 161E Renovation
Checkpoint 1 Relocation

(4)

2025
YTD
Actual
45,784

(8)

Upgrades STS Train Control
(10)

(9)

408

733

3,143

16,292

2,410

76.7%

204,811

402,940

427,108

623,755

24,168

5.7%

Subtotal
CIP Cashflow Mgmt Reserve

385,931
-

840,621
(33,683)

906,510
(90,179)

1,203,944
(166,955)

65,888
(56,496)

7.3%
62.6%

Total Spending

385,931

806,938

816,331

1,036,989

9,392

1.2%

Snow Storage Expansion
All Other

1. Actuals costs were lower than projected for structural steel erection. Q2 2025 actual costs closely aligned
with projected cost and the Contractor has achieved their planned production in June 2025.
2. Q2 '25 actual costs exceeded the projection by $10M. It was assumed that 4 months of invoices would be
paid, actual was 5 as contactor caught up to lag in billings. Port expects a $13M invoice per month totaling
$150M per year (94%).
3. The bulk of project scope accelerated work in Q2, Q3 and Q4 2025 and include completion of PKG1
Enabling work, PKG3 Airline Relocation and PKG4 Zone 4 Ticket Counters. Mechanical Upgrades will
continue through the end of 2026.
4. Anticipating significant savings; Mortenson provided forecast for baseline and anticipated billing for entire
contract, currently projecting significant savings.
5. Lower spending is projected primarily due to slower submission and processing of payments for AECOM
and the shifting of $3M for capital purchases from 2025 to 2026.
6. Due to Quantity savings on 2024 Contract 1 unit price items and unused Construction contingency.
7. Design delays due to scope coordination with project stakeholders, which subsequently will push out the
construction timeline, as well.
8. Some aspects of the scope of work got pushed into a different phase (later than expected).
9. STS ATC 2025 cashflow EAC vs 2026 B/L cashflow Alstom projected delay in delivery/receipt of Couple
Retrofit kits planned for Aug '25 now Jan '26. STS Fiber project Contractual Closeout delayed.
10. Construction postponed to summer 2026 to avoid the rainy season.
14

III.

MARITIME DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25

III.

MARITIME DIVISION

FINANCIAL SUMMARY (Excludes Pension Adjustments)
2023

2024

2025

2025

$ in 000's
Total Revenues

Actual
99,738

Actual
106,809

Forecast
116,865

Budget
118,115

Actual vs. Budget
Variance
$
%
(1,250)
-1%

Change from 2024

Total Operating Expenses

93,596

101,991

105,473

103,748

(1,725)

-2%

3,482

3%

Net Operating Income

6,142

4,818

11,392

14,367

(2,975)

21%

6,573

136%

NOI Including Pension Adj

2,202

7,945

11,392

14,367

(4,700)

33%

3,446

43%

Capital Expenditures

26,246

84,842

103,014

89,827

(13,187)

-15%

18,172

21%

$
10,055

%
9%

2025 Forecast vs. 2024 Budget
 Operating Revenues forecasted $1.3M below budget primarily due to lower revenue from Real Estate
Portfolio Management.
 Operating Expenses forecasted $1.7M higher than budget from payroll.
 Net Operating Income forecasted $3.0M below budget.
 Capital Spending forecasted at 115% of $89.8M budget.
2025 Forecast vs. 2024 Actuals
 Operating Revenues expected $10.1M higher than 2024 from higher Cruise, Grain, Recreational Boating,
and Fishing & Operation.
 Operating Expenses forecasted $3.5M higher than 2024 actual driven primarily by increased payroll.
 Net Operating Income forecasted $6.6M higher than 2024 actual.
Net Operating Income before Depreciation by Business
2024 YTD 2025 YTD 2025 YTD

Actual vs. Budget

Change from 2024

Variance
$ in 000's

Actual

Actual

Budget

$

%

$

%

Ship Canal Fishing & Operations

(1,507)

(1,948)

(2,196)

248

11%

(442)

-29%

Elliott Bay Fishing & Commercial Operations

(843)

(1,310)

(682)

(628)

-92%

(467)

-55%

Recreational Boating

576

710

66

644

984%

134

23%

Cruise

9,428

9,144

7,522

1,622

22%

(284)

-3%

Grain

2,068

2,672

1,643

1,030

63%

604

29%

Conference & Event Centers

(1,742)

(2,619)

(2,624)

5

0%

(877)

-50%

Leasing Portfolio

(2,324)

(2,087)

(1,572)

(514)

-33%

237

10%

Other

(409)

(603)

(82)

(522)

-640%

(194)

-47%

Total Maritime

5,247

3,959

2,075

1,885

91%

(1,287)

-25%

15

III.

MARITIME DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25

A. KEY PERFORMANCE METRICS
Cruise Passengers in 000's
500
400

2024 Actual

300

2025 Budget

200

2025 Actual

100
0
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Grain Volumes in 000's

700
600

2023 Actual

500

2024 Budget

400
300

2024 Actual

200
100
0
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

16

Sep

Oct

Nov

Dec

III.

MARITIME DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25

B. OPERATING RESULTS
2022 YTD
$ in 000's
Ship Canal Fishing & Operations
Elliott Bay Fishing & Commercial Operations
Recreational Boating
Cruise
Grain
Conference & Event Centers
Leasing Portfolio
Other
Total Revenue
Expenses
Maritime Direct
Total Direct

2023 YTD 2024 YTD 2025 YTD 2025 YTD

Actual vs. Budget
Variance
$
%
228
8%
184
6%
30
0%
262
1%
957
36%
(190)
-5%
(905)
-8%
(10)
557
1%

Actual
2,328
2,638
6,914
11,258
3,405
2,538
9,378
7
38,467

Actual
2,651
2,829
7,751
15,437
1,964
3,377
10,180
19
44,209

Actual
2,650
2,872
8,321
19,027
3,079
3,687
11,272
6
50,915

Actual
3,027
3,132
9,130
19,994
3,643
3,867
11,122
(10)
53,905

Budget
2,799
2,948
9,099
19,732
2,687
4,056
12,027
0
53,348

16,068
16,068

16,176
16,176

18,074
18,074

20,436
20,436

21,291
21,291

855
855

Maintenance Expenses
Economic Development
Env & Sustainability
Seaport Finance & Cost Recovery
Waterfront Project Management
Total Support Services

8,091
981
827
698
526
11,124

8,716
928
1,563
880
996
13,082

9,437
1,200
1,609
954
807
14,006

9,598
1,035
1,443
1,151
1,742
14,968

9,984
861
2,117
1,048
1,484
15,495

IT
Police Expenses
External Relations
Other Central Services
Aviation Division / Other
Total Central Services / Other

2,048
1,680
1,307
5,312
260
10,607

2,312
2,365
1,424
5,763
228
12,092

2,585
2,893
1,699
6,172
239
13,588

2,805
2,568
1,985
6,959
224
14,541

Total Expense
NOI Before Depreciation
Depreciation
NOI After Depreciation

37,799
668
10,853
(10,185)

41,350
2,859
11,183
(8,324)

45,668
5,247
11,132
(5,885)

49,946
3,959
12,033
(8,074)

Change from 2024
$

%

377
260
808
967
564
179
(150)
(16)
2,990

14%
9%
10%
-5%
18%
5%
-1%
-263%
6%

4%
4%

2,362
2,362

13%
13%

386
(174)
674
(103)
(258)
526

4%
-20%
32%
-10%
-17%
3%

161
(165)
(167)
197
935
962

2%
-14%
-10%
21%
116%
7%

2,566
2,641
1,859
7,130
292
14,488

(239)
73
(126)
170
68
(54)

-9%
3%
-7%
2%
23%
0%

220
(325)
286
787
(15)
954

9%
-11%
17%
13%
-6%
7%

51,273
2,075
10,855
(8,781)

1,328
1,885
(1,178)
707

3%
-91%
-11%
8%

4,277
(1,287)
902
(2,189)

9%
25%
8%
-37%

2025 YTD Actuals vs. 2025 YTD Budget
 Operating Revenues were $557K higher than budget driven by:
o Ship Canal over $228K from higher occupancy and Utility Sales.
o Elliott Bay Fishing greater by $184K due delayed start in the Hake fishery.
o Recreational Boating $30K higher from electric sales and Bell Harbor Marina.
o Cruise $262K higher with ~104% occupancy.
o Grain $957K higher.
o Marina Office & Retail $48K higher due to new tenants and annual rate escalation.
o Maritime Industrial $639K lower due to $1.25M Environmental cost credits to Trammel Crow at T106.
o Conference and Event Centers $190K lower due to many non-repeating businesses as events were
relocated outside of Seattle.
o Central Harbor $319K lower due to reduced reserved parking at Bell Garage.
 Operating Expenses were $1.3M lower than budget:
o Direct Expenses were $855K lower than budget
 Elliot Bay Fishing and Commercial $73K over.
 Recreational Boating is over budget $54K from an $198K increase related to cyber-attack.
 Ship Canal Fishing $213K over due to bad debt from cyber-attack.
 Fishing & Operations Management $58K under.
 Cruise $933K under from port valet timing and utilities.
 Maritime Security is $25K lower than budget.
 Maritime Marketing $206K below budget due to timing of marketing and advertising spend.
 Maritime Industrial $110K over budget from higher utilities.
17

III.

MARITIME DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25
Marina Office and Retail $226K below budget from unspent TI/Broker Fees.
Conference Event Centers $255K below budget due to reduced business volume led to lower
operating costs.
 Central Harbor $117K below budget, lower occupancy at WTC West led to lower operating costs.
 Division Administration is over budget by $59K over budget due primarily from FTE vacancy factor.
 Capital to Expense creating a $178K unfavorable variance.
 Unbudgeted Environmental Liability at T91 berth $6&8 for $629K.
 All other Direct Expenses net to $184K under budget.
o Total Support Services were $526K lower than budget due primarily to timing of small works expense
projects.
o Total Central Services / Other were $54K over budget.
Net Operating Income was $1.3M favorable to budget.





2025 YTD Actuals vs. 2024 YTD Actuals
 Operating Revenues were $3M higher than 2024 due to an increase in Grain volumes.
 Operating Expenses were $4.3M higher than 2024 actual driven primarily by payroll increases.
 Net Operating Income was $1.3M lower than 2024 actual.
2022

2023

2024

2025

2025

Actual
4,592
5,975
13,978
30,469
5,792
8,914
19,367
10
170
89,265

Actual
5,076
6,564
15,505
41,726
3,356
6,738
20,764
10
(90)
99,648

Actual
5,169
6,602
16,555
43,145
5,920
7,490
21,920
8
(18)
106,791

Forecast
5,600
6,010
18,273
50,037
5,409
8,776
22,756
4
0
116,865

Budget
5,600
6,010
18,273
50,037
5,034
9,151
24,006
4
0
118,115

33,680
33,680

37,061
37,061

36,595
36,595

42,982
42,982

42,657
42,657

(325)
(325)

Maintenance Expenses
Economic Development
Env & Sustainability
Seaport Finance & Cost Recovery
Waterfront Project Management
Total Support Services

17,021
1,830
3,356
1,506
1,235
24,948

19,317
2,543
4,028
1,738
2,313
29,939

20,832
2,202
4,992
2,222
2,945
33,193

19,981
2,133
5,336
2,233
3,210
32,893

19,581
2,133
5,136
2,083
3,060
31,993

IT
Police Expenses
External Relations
Other Central Services
Aviation Division / Other
Total Central Services / Other

4,296
3,902
2,729
11,530
514
22,972

4,731
5,620
3,005
12,769
471
26,596

5,250
6,044
3,620
16,852
436
32,202

5,758
5,145
3,375
14,787
533
29,598

Total Expense before Pension Adjustment
Pension Expense Adjustment

81,600
(2,561)

93,596
3,850

101,991
(3,145)

Total Expense
NOI excluding Pension Adjustments
NOI Before Depreciation
Depreciation
NOI After Depreciation

79,039
7,495
10,226
21,974
(11,748)

97,446
6,142
2,202
22,421
(20,219)

98,846
4,818
7,945
23,850
(15,905)

$ in 000's
Ship Canal Fishing & Operations
Elliott Bay Fishing & Commercial Operations
Recreational Boating
Cruise
Grain
Conference & Event Centers
Leasing Portfolio
Other
Pension Revenue Adjustment
Total Revenue
Expenses
Maritime Direct
Total Direct

18

Actual vs. Budget
Variance
$
%
0
0%
0
0%
0
0%
0
0%
375
7%
(375)
-4%
(1,250)
-5%
0
NA
0
NA
(1,250)
-1%

Change from 2024
$

%

431
(592)
1,718
6,893
(511)
1,286
835
(5)
18
10,073

8%
-9%
10%
16%
-9%
17%
4%
-56%
NA
9%

-1%
-1%

6,387
6,387

17%
17%

(400)
0
(200)
(150)
(150)
(900)

-2%
0%
-4%
-7%
-5%
-3%

(851)
(69)
344
11
265
(300)

-4%
-3%
7%
1%
9%
-1%

5,235
5,145
3,664
14,521
533
29,098

(523)
0
289
(266)
0
(500)

-10%
0%
8%
-2%
0%
-2%

508
(898)
(245)
(2,066)
97
(2,605)

10%
-15%
-7%
-12%
22%
-8%

105,473
0

103,748
0

(1,725)
0

-2%
NA

3,482
3,145

3%

105,473
11,392
11,392
21,433
(10,042)

103,748
14,367
14,367
21,433
(7,067)

(1,725)
(2,975)
(2,975)
0
(2,975)

-2%
-21%
-21%
0%
-42%

6,627
6,573
3,446
(2,417)
5,863

7%
136%
43%
-10%
37%

III.

MARITIME DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25

2025 Forecast vs. 2025 Budget
 Operating Revenues are forecasted to be $1.25M lower than budget:
o Conference Centers down $375K from fewer events.
o Grain $375K up from volumes.
o Five months of $250K environmental cost credit at T106 ground lease unbudgeted ($1.25M).
 Operating Expenses forecasted $1.7M above budget from payroll and unbudgeted project expenses.
 Net Operating Income Planned $3M unfavorable to budget.
2025 Forecast vs. 2024 Actuals (Excludes Pension Adjustment)
 Operating Revenues expected to be $10M higher than 2024 with higher conference & event volumes and
rate increases in Cruise and Rec Boating.
 Operating Expenses forecasted $3.5M higher than 2024 actual driven primarily by increased represented
and non-represented wage rates.
 Net Operating Income (absent pension costs) is forecasted $6.6M higher than 2024 actual.

C. CAPITAL RESULTS
2025
Actual

2025 YE
Forecast

$ in 000's
T91 Berth 6 & 8 Redev
FT Maritime Innovation Center
MIC Electrical Replacements
T91 New Cruise Gangway
Bell St Parking Garage Imrov
P90/P91 E Term Emerg Repair
FT Site Improvements
Elliott Bay Connections (EBC)
P66 Fender Replacement
Waterfront LED Lighting
Fleet

26,266
6,410
1,736
985
406
1,978
272
14
1,615
30
888

53,863
16,740
3,678
3,235
1,906
2,043
1,920
956
1,635
605
3,701

All Other Projects
Subtotal
CIP CashFlow Mgt
Total Maritime
% of Capital Budget

6,858
47,458
0
47,458
53%

22,343
112,625
(9,611)
103,014
115%

2025
2025 POF Budget vs Fore cast
Budge t
$
%
45,903
59,766
7,960
17%
16,832
22,675
(92)
-1%
3,678
9,640
0
0%
3,220
6,402
15
0%
2,115
2,658
(209)
-10%
1,899
0
144
8%
1,860
1,432
60
3%
1,145
1,145
(189)
-17%
1,055
3,070
580
55%
1,021
650
(416)
-41%
3,660
3,800
41
1%
23,251
52,636
105,639
163,874
(15,812)
(32,175)
89,827 131,699

(908)
6,986
6,201
13,187

-4%
7%
-39.2%
15%

Note: POF (Plan of Finance) is the total estimated during the budget process.
Comments on Key Projects with Significant Variances
 T91 Berth 6&8 - Increase in 2025 due to change orders related to seawall/other unexpected site
conditions. Assumed 50% use of contingency but now closer to 80%.
 Waterfront LED Lighting - Common space projects underway, but tenant space projects delayed for
additional development.
 P66 Fender Replacement - Project is on schedule and budget. Additional costs reflect the inclusion of a
barge impact assessment.
 All Other Projects - MD Video Camera Project procurement of HW pushed out to 2026, engagement with
PCS slower than anticipated.
19

IV.

ECONOMIC DEVELOPMENT DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25

IV.

ECONOMIC DEVELOPMENT DIVISION

FINANCIAL SUMMARY
2023

2024

2025

2025

Actual
(24)

Actual
8

Forecast
13

Budget
3

Total Operating Expenses

3,351

2,951

3,800

3,890

90

Net Operating Income

(3,375)

(2,943)

(3,787)

(3,887)

NOI Including Pension Adj

(2,408)

(2,121)

(3,787)

(3,887)

$ in 000's
Total Revenues

Actual vs. Budget
Variance
$
%
10
333%

Change from 2024
$
5

%
61%

2%

849

29%

100

3%

(844)

-29%

190

5%

(1,665)

79%

2025 Forecast vs. 2025 Budget
 Net Operating Income forecasted at $100K above budget, due to unbudgeted GASB 87 adjustments.
2025 Forecast vs. 2024 Actuals
 Net Operating Income forecasted $844K lower than 2024 actual from increased payroll and cycle timing for
Economic Development and Tourism grants moving from a 1yr to a 2yr cycle.
a. OPERATING RESULTS
2022 YTD 2023 YTD 2024 YTD 2025 YTD 2025 YTD
$ in 000's
Misc Revenue
Pension Revenue Adjustment
Total Revenue
Expenses

Actual vs. Budget
Variance
$
%
9
NA
0
NA
9
601%

Actual

Actual

Actual

1
0
1

8
0
8

9
0
9

Actual
11
0
11

Budget
2
0
2

(1)
(0)
0
1,099
1,098

184
0
0
524
707

66
0
0
558
624

36
0
0
757
793

340
0
25
837
1,201

303
0
25
79
408

Maritime / Maintenance
Central Services / IT
Total Support Services

14
11
25

10
14
24

11
14
25

19
14
33

12
16
28

Total Expense
NOI Before Depreciation
Depreciation
NOI After Depreciation

1,124
(1,122)
5
(1,128)

731
(723)
6
(729)

648
(640)
5
(645)

827
(816)
7
(823)

1,229
(1,228)
5
(1,233)

Division Admin
Re Dev & Planning
Small Business
Tourism
Total EDD

Change from 2024
$

%
2
0
2

21%
NA
21%

89%
100%
100%
9%
34%

(30)
0
(0)
200
170

-46%
-34%
36%
27%

(7)
2
(5)

-61%
13%
-18%

8
0
9

77%
2%
35%

403
412
(2)
410

33%
34%
-34%
33%

178
(176)
2
(178)

27%
-28%
40%
-28%

2025YTD Actuals vs. 2025 YTD Budget
 Operating Revenues were $9K favorable from higher-than-expected rental income at the Duwamish Hub.
 Operating Expenses were $403K below budget due to GASB 87 impact at Duwamish Hub and timing of
outside services spending.
 Operating income $412K higher than budget.

20

V.

CENTRAL SERVICES DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25

V.

CENTRAL SERVICES DIVISION

FINANCIAL SUMMARY
2023 YTD 2024 YTD 2025 YTD 2025 YTD
$ in 000's
Total Operating Revenues

Actual
290

Actual
145

Actual
119

Budget
53

Core Central Support Services
Police
Engineering/PCS
Total Operating Expenses

51,219
17,323
6,383
74,925

59,083
22,275
6,607
87,964

62,009
23,145
8,687
93,841

61,799
23,551
11,471
96,820

Actual vs. Budget
Variance
$
%
66
123.9%
(211)
406
2,784
2,979

-0.3%
1.7%
24.3%
3.1%

Change from 2024
Incr (Decr)
$
%
(25)
-17.6%
2,926
870
2,080
5,877

5.0%
3.9%
31.5%
6.7%

2025 YTD Actuals vs. 2025 YTD Budget
 Operating Revenues favorable by $56K due primarily to Police forfeiture.
 Operating Expenses $3M favorable to budget mainly due to Lower Outside Services, Equipment Expense,
and Travel; partially offset by higher Payroll, lower charges to Capital Projects, and higher General
Expenses.
2025 YTD Actuals vs. 2024 YTD Actuals
 Operating Revenues $25K below 2024 mainly due to lower Police forfeiture.
 Operating Expenses $5.9M higher than 2024 mainly due to higher Payroll, Travel & Other Employee
Expenses, Supplies & Stock, Equipment Expense, and General Expenses in 2025; partially offset by less
spending in Outside Services and Promotional Hosting.
A. BUSINESS EVENTS
 Sponsored and participated in the 2025 South King County Career Showcase, connecting over 2,200
students with career opportunities, training programs, and internships in Port-related industries.
 Hosted the Port of Seattle's Duwamish Valley Community Partner Roundtable on Federal Changes and
Local Preparedness.
 Hosted several government, business and industry tours of SEA in support of SAMP.
 Sponsored and attended the Seattle Chamber's Intercity Study Tour to Toronto.
 Participated in a DHS audit on aviation cybersecurity compliance, sharing insights on its cybersecurity
investments to support operational security.
 Conducted student outreach through various events, including career days, school tours, project kick-offs,
and presentations with middle school, high school, and college students across the region.
 Sponsored strategic partner, business and community events including: The Propeller Club, Redmond's
State of the City Address, Woodinville Chamber State of Economy Luncheon, FOGHI Environment and
Cultural Educational Tours, Snoqualmie State of the City, Highline Schools Foundation Gold Star Breakfast,
Maritime Industry Awards Breakfast, West Seattle Chamber's Annual Awards breakfast, Woodinville's
Economic Development Luncheon, Friends of the Waterfront 5K Run, Issaquah Community Awards
Banquet, Bellevue Chamber Annual Gala, Prop Club Scholarship Lunch, Highline Heritage Museum 6 th
Anniversary Celebration, DVDEP 5th Anniversary Community Celebration, South Seattle Leadership
Conference.

21

V.

CENTRAL SERVICES DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25

B. KEY PERFORMANCE METRICS
Century Agenda Strategic Objectives

2023

2024

2025

Responsibly Invest in the Economic Growth of the Region and all its Communities
A. Job seekers placed in jobs at SEA Airport through the Employment Center

1,594

1,202

387

B. Number of SEA Airport tenants supported in finding employees

93

111

118

C. Employment Center training completions

1,012

867

246

D. K-12 Career Connected Learning: WFD engagement with teachers/faculty

12

21

8

E. Community members entering employment in construction, maritime and
environmental sustainability

70

96

14

F. Number of Job Openings Posted

336

285

153

G. Job applications received

18,830

17,753

11,583

H. Number of job interviews conducted

2,333

1,893

1,271

I. Number of new employees hired

495

405

181

J. Number of interns

133

123

105

K. Number of Veteran Fellows

5

3

5

L. Number of employees participating in Tuition Reimbursement

15

22

11

2,907

3,368

1,415

Become a Model for Equity, Diversity and Inclusion
A. Employee participation in OEDI programming (Caucuses, Book Clubs, Town
Halls, etc.)
Be a Highly Effective Public Agency
A. Central Services costs as a % of Total Operating Expenses
B. Investment portfolio earnings versus the benchmark (the Bank of America
Merrill Lynch 1-3 Year US Treasury & Agency Index)

27.0%

30.9% 28.5%
3.70%/ 3.82%/ 3.56%/
4.34%

4.37%

3.79%

C. Comply with Public Disclosure Act and respond in a timely manner

1,204

1,339

827

D. Employee Development Class Attendees/Structured Learning

3,289

2,286

1,893

E. Total Recordable Incident Rate (previous Occupational Injury Rate)

4.16

3.11

3.92

F. Lost Work Day Rate (previously Days Away Severity Rate)

72.41

57.45

73.37

G. Customer Survey for Police Service Excellent or Above Average

90%

TBD

TBD

22

V.

CENTRAL SERVICES DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25

C. OPERATING RESULTS
Financial Summary (Year-End Forecast)
2023

2024

2025

2025

$ in 000's
Total Revenues

Actual
(216)

Actual
403

Forecast
244

Executive
Commission
Legal
External Relations
Equity Diversity and Inclusion
Human Resources
Labor Relations
Internal Audit
Accounting & Financial Reporting Services
Information & Communication Technology
Information Security
Finance & Budget
Business Intelligence
Risk Services
Office of Strategic Initiatives
Central Procurement Office
Contingency
Environment & Sustainability
Core Central Support Services

3,147
2,448
10,315
10,154
5,475
13,543
1,292
1,944
9,032
25,914
2,040
2,602
1,609
5,756
1,291
6,376
(251)
1,137
103,823

6,025
3,042
10,312
14,379
6,449
16,099
1,541
1,935
10,003
30,410
2,613
3,075
1,888
7,395
1,125
7,079
21,534
1,479
146,382

36,422

Police
Total Before Cap Dev & Environment
Capital Development
Engineering
Port Construction Services
Sub-Total
Industrial Development Corporation
Capital to Expense
Total Expenses

Budget
183

Fcst vs. Budget
Variance
$
%
61
33.5%

Change from 2024
Incr (Decr)
$
%
(158)
-39.3%

3,325
3,465
7,704
13,384
7,010
17,780
1,764
2,294
11,842
34,924
3,577
3,303
2,338
7,591
1,545
8,899
(50)
2,190
132,884

2,779
3,589
6,255
14,211
7,435
17,817
1,933
2,267
12,059
31,482
2,968
3,179
2,543
8,016
1,557
9,165
(2,655)
2,544
127,143

(546)
124
(1,449)
827
425
36
169
(27)
217
(3,443)
(609)
(124)
205
425
13
266
(2,605)
354
(5,742)

-19.7%
3.4%
-23.2%
5.8%
5.7%
0.2%
8.7%
-1.2%
1.8%
-10.9%
-20.5%
-3.9%
8.1%
5.3%
0.8%
2.9%
98.1%
13.9%
-4.5%

(2,700)
423
(2,608)
(995)
561
1,681
223
358
1,839
4,515
964
228
450
196
420
1,821
(21,584)
711
(13,497)

-44.8%
13.9%
-25.3%
-6.9%
8.7%
10.4%
14.5%
18.5%
18.4%
14.8%
36.9%
7.4%
23.8%
2.6%
37.3%
25.7%
-100.2%
48.1%
-9.2%

43,591

45,849

45,860

12

0.0%

2,258

5.2%

140,245

189,972

178,733

173,003

(5,730)

-3.3%

(11,239)

-5.9%

6,263
5,644
11,907

8,581
7,063
15,644

12,750
7,586
20,336

15,131
7,777
22,907

2,381
191
2,571

15.7%
2.4%
11.2%

4,168
523
4,692

48.6%
7.4%
30.0%

1
152,153

499
206,115

199,069

195,910

(3,159)

0.0%
0.0%
-1.6%

(499)
(7,046)

0.0%
-100.0%
-3.4%

23

V.

CENTRAL SERVICES DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25

2025 Forecast vs. 2025 Budget
Operating Expenses for 2025 are forecasted to be $3.2M over Budget due primarily to:
 Executive - unfavorable variance of ($546K) due to higher Promotional Expenses ($398K), Outside Services
($157K), Payroll ($63K); partially offset by lower Travel & Other Employee Expenses of $42K.
 Commission - favorable variance of $124K primarily due to lower Payroll.
 Legal - unfavorable variance of ($1.4M) due to higher Outside Services ($1.2M), Payroll ($247K), and less
charges to Capital Projects ($55K); partially offset by lower General Expenses $30K.
 External Relations - favorable variance of $827K primarily due to lower Outside Services of $1.3M and
General Expenses $119K; partially offset by higher Payroll ($344K) and Promotional Expenses ($227K).
 Equity, Diversity, and Inclusion - favorable variance of $425K primarily due to lower Outside Services of
$445K.
 Human Resources - favorable variance of $36K primarily due to lower Payroll of $175K, Travel & Other
Employee Expenses $59K; partially offset by higher General Expenses ($198K) and Outside Service ($25K).
 Labor Relations - favorable variance of $169K primarily due to lower Payroll $143K and Travel & Other
Employee Expenses $19K.
 Internal Audit - unfavorable variance of ($27K) primarily due to higher Payroll($56K); partially offset by
lower Travel & Other Employee Expenses $33K.
 Accounting and Financial Reporting Services - favorable variance of $217K primarily due to lower
Payroll $192K and Travel & Other Employee Expenses $45K; partially offset by higher Outside Services
($29K).
 Information & Communication Technology - unfavorable ($3.4M) due to higher Payroll ($1.3M), Outside
Services ($1.2M), and lower charges to Capital Projects ($1.5M); partially offset by lower Equipment Expense
$492K and Travel & Other Employee Expenses $30K.
 Information Security - unfavorable variance of ($609K) primarily due to higher Outside Services ($553K)
and Payroll ($47K).
 Corporate Finance & Budget - unfavorable variance of ($124K) primarily due to higher Payroll ($81K) and
Outside Services ($57K).
 Business Intelligence - favorable variance of $205K primarily due to lower Outside Services $179K.
 Risk Services - favorable variance of $425K due to lower Insurance Expense $479K; partially offset by
higher Outside Services ($47K)
 Office of Strategic Initiative - favorable variance of $13K primarily due to lower Payroll.
 Central Procurement Office - favorable variance of $266K primarily due to lower Payroll of $401K;
partially offset by less charges to Capital Projects ($284K).
 Environment & Sustainability Admin - favorable variance of $354K primarily due to lower Outside
Services $471K; partially offset by higher Payroll ($80K).
 Police - favorable variance of $12K primarily due to lower Outside Services $390K, Travel & Other
Employee Expenses $231K Equipment $116K; partially offset by higher General Expenses ($406K), Payroll
($303K), and Supplies & Stock ($83K).
 Engineering - favorable variance of $2.4M primarily due to lower Overhead Allocations of $528K, Outside
Services $1.8M, and Equipment Expense $150K; partially offset by higher Property Rentals ($66K), Payroll
($46K), and less charges to Capital Projects ($88K).
 PCS - favorable variance of $191K primarily due to lower Payroll $484K and Outside Services $141K;
partially offset by higher Worker's Compensation Expenses ($145K), Equipment Expense ($80K), and lower
Capital Projects ($201K).
 Contingency - unfavorable variance of ($2.6M) due to vacancy factor and comp project actuals in
departments.

24

V.

CENTRAL SERVICES DIVISION FINANCIAL & PERFORMANCE REPORT 06/30/25

2025 Forecast vs. 2024 Actuals
 Operating Expenses for 2024 are forecasted to be $7.0M lower than 2024 actuals, mainly due to:
o Core Central Support Services - $14M lower than 2024 actuals mainly, primarily due to unbudgeted
not having the compensation project and lower expected legal expenses in FY25.
o Police - $2.3M above 2024 due to: increase in salary and benefits for represented groups based on new
contracts, new positions, and vacant positions in 2024.
o Capital Development - $4.7M higher than 2024 primarily due to higher payroll and addition of new
positions as well as contractual increases to support the capital program.
D. CAPITAL RESULTS
2025
$ in 000's
Engineering Fleet Replacement
Corporate Fleet Replacement
Services Tech - Small Cap
Infrastructure - Small Cap
ID Badge System Upgrade
Radio Microwave Redund. Loop
Public Safety Dispatch
Physical Access Control System Refresh
Maximo Software System Upgrade
Police Axon Contract 2025
Other (note 1)
Subtotal
CIP Cashflow Adjustment
TOTAL

YTD Actual
321
262
257
366
1,925
610
48
19
0
188
209
4,205
4,205

2025
Year-End
Forecast
2,084
1,912
1,425
469
2,425
1,015
648
46
1,000
1,006
3,005
15,035
(4,400)
10,635

2025

2025
Plan of
Budget
Finance
2,284
980
3,950
3,030
1,345
1,500
1,564
1,500
3,903
2,899
1,967
1,931
1,474
0
885
1,095
1,000
1,600
1,324
12,000
4,751
12,950
24,447
39,485
(6,700)
(8,200)
17,747
31,285

Note:
(1) "Other" includes remaining ICT projects and small capital projects/acquisitions.

25

Budget Variance
$

%

200
2,038
(80)
1,095
1,478
952
826
839
0
318
1,746
9,412
(2,300)
7,112

8.8%
51.6%
-5.9%
70.0%
37.9%
48.4%
56.0%
94.8%
0.0%
24.0%
36.8%
38.5%
34.3%
40.1%